| Over a month ago | ||||
Reports Q3 NII $123.0M… Reports Q3 NII $123.0M vs. $125.5M last year. Reports Q3 provision for loan loss $5.2M vs. $2.6M last year and net interest margin 3.29% vs. 3.93% last year. | ||||
The dividend is payable… The dividend is payable on November 16, 2020, to common stockholders of record as of November 6, 2020. | ||||
In a regulatory filing… In a regulatory filing after Monday's close, First Interstate BancSystem disclosed that on September 12, the board of directors of the company approved a three million share increase to the number of shares of Class A common stock of the company that the company may purchase from time to time under its previously announced stock repurchase program. The shares may be repurchased from time to time pursuant to the company's Rule 10b5-1 trading plans approved by the company during the company's open trading windows under its Insider Trading Policy, and otherwise. As with the shares already repurchased by the company since the program's inception, any repurchased shares will be returned to authorized but unissued shares of Class A common stock of the company in accordance with Montana law. | ||||
| Over a quarter ago | ||||
Reports Q2 revenue… Reports Q2 revenue $162.7M, consensus $166.09M. During the second quarter of 2020, the Company recorded a provision for credit losses of $19.5 million, compared to $29.0 million during the first quarter of 2020, and $3.8 million during the second quarter of 2019. The provision includes the impact of net charge-offs of $2.3 million, or 0.09% of average loans outstanding, for the second quarter of 2020, compared to $3.1 million, or 0.14% of average loans outstanding, for the first quarter of 2020, and $2.0 million, or 0.09% of average loans outstanding for the second quarter of 2019. The Company's allowance for credit losses on loans as a percentage of period-end loans held for investment, including PPP loans, increased to 1.46% at June 30, 2020, compared to 1.45% at March 31, 2020, and 0.82% at June 30, 2019. | ||||
Wells Fargo analyst Jared… Wells Fargo analyst Jared Shaw raised the firm's price target on First Interstate to $35 from $28 as PPP benefit offsets provision costs this year. The analyst keeps an Overweight rating on the shares. | ||||
The fourth quarter of… The fourth quarter of 2019 earnings included acquisition costs related to the acquisitions of Idaho Independent Bank and Community 1st Bank, both of which were acquired on April 8, 2019. Mortgage banking revenues increased 67.9% to $13.6 million, for the first quarter of 2020, compared to $8.1 million for the fourth quarter of 2019, and increased 231.7%, from $4.1 million, compared to the first quarter of 2019. Net interest margin ratio, on a fully taxable equivalent basis, decreased to 3.90% for the first quarter of 2020, a four-basis point decrease from the prior quarter and a 14-basis point decrease from the same period in the prior year. "Despite the challenging operating environment, we are pleased that our first quarter results reflect the continuation of our solid core operating performance," said Kevin P. Riley, President and CEO of First Interstate BancSystem, Inc. "We are fortunate that the markets in which we operate have been among the areas of the country least impacted by the COVID-19 pandemic. For those clients that have been impacted by this crisis, we have implemented a number of relief programs to help them during this challenging period, including quickly providing them with access to the Small Business Administration's PPP. As the second round of PPP funding begins, our bankers are working diligently to assist both existing and new clients with their applications. | |
Keefe Bruyette analyst… Keefe Bruyette analyst Jacquelynne Bohlen upgraded First Interstate to Outperform from Market Perform with a $39 price target. | |
In a regulatory filing… In a regulatory filing earlier, First Interstate said: "Although we have not seen any material impacts to our clients at this time, we have enhanced our oversight and monitoring of our credit portfolio." In presentation slides, First Insterstate said it has "no hotel loan with a balance greater than $20M" and that "approximately $162M of Hotel Portfolio Commitments are Construction loans to be completed later in 2020." | |
West Coast Bank Plane… West Coast Bank Plane Trip will begin in Denver on February 24 and ends in Seattle on February 26. |